WESTBOROUGH, MA-Locally based BJ’s Wholesale Club (NYSE: BJ) has a new owner. Los Angeles-headquartered Leonard Green & Partners, L.P. is acquiring the retail wholesale store for $2.8 billion in conjunction with CVC Capital Partners. The transaction will be an all-cash deal and represents a $51.25 per share payout for shareholders, a 38% premium over BJ’s June 30, 2010 closing stock price. That day the deal was agreed upon by the interested parties. This morning’s stock price clocks in at $48.08.

While BJ’s shareholders still have to vote their approval of the deal, all current locations will stay open. There will be no change in the management of the properties, as BJ’s will continue to run its stores which total 190 throughout 15 states on the east coast. The 2011 May sales figures were 10.7% up YOY reaping $952.9 million. Barring gasoline, comparable club sales were up 3%.

The sale was considered a maximum price for shareholders, as ostensibly nothing will change on the operation end of the property. Leonard Green is invested in a fair amount of retail product, including J. Crew, Jo-Ann Stores, Whole Foods Market, Neiman Marcus Group, PETCO Animal Supplies, Leslie’s Poolmart, The Sports Authority, The Container Store, Tourneau, David’s Bridal, Jetro Cash & Carry and The Tire Rack. CVC is boasts Pilot Flying J and Leslie’s Poolmart as retail investments.